Recently, views on cryptocurrency market investment strategies by Raoul Pal—an eminent analyst who previously worked at Goldman Sachs—have been gaining attention. Although he is known for predicting the 2008 financial crisis, in a recent interview at Sui Basecamp in Dubai and in “When Shift Happens,” he shared profound insights into building wealth with crypto assets.

What Raoul Pal repeatedly emphasizes is a simple yet powerful principle: if you want to build wealth in cryptocurrencies without relying on luck, buy Bitcoin and invest regularly through dollar-cost averaging. That’s it. The trap many beginners fall into is getting anxious when they see others earning 100x returns. In that moment, their investment decision-making loses rationality and becomes driven by desire. In a world full of risks such as DeFi attacks and wallet thefts, Raoul Pal warns that staying calm is the most important thing.

He also has an interesting perspective on memecoins. Raoul Pal says he does not hold Fartcoin, but he does hold SCF and DODE. While SCF has dropped by 90%, it is currently showing signs of recovery. The message he conveys to investors is clear: you should not make memecoins an overly large portion of your portfolio. The probability that these coins go to zero can be as high as 85%.

When the market is unstable, Raoul Pal suggests that the best strategy is to step away from the trading screen. Staring at 5-minute or 1-hour charts all the time is hardly helpful for making investment decisions. The people who truly grow assets are the investors who keep buying over the long term. Many dream of 100x gains, but in reality, it is much more mundane.

Caution is also needed when it comes to crypto yields. If staking can be expected to generate 20% returns, there are significant risks hidden within it. Michael Saylor’s Bitcoin buying strategy (a leveraged strategy using convertible bonds) may be appropriate for institutional investors, but if individual traders use the same approach, they are likely to suffer severe losses due to margin calls.

Raoul Pal’s current portfolio allocation is said to be 70% in Sui. His view is that it far surpasses Solana. He appears to be focusing on Sui’s active user adoption and developer activity, especially the potential of the DeepBook liquidity-layer protocol.

Regarding NFTs, Raoul Pal is highly optimistic about them as an innovative technology that enables the permanent storage and trading of non-transferable assets. If the current size of the crypto industry is $3 trillion, and it grows to $10 trillion over the next 10 years, then $97 trillion in new wealth will be created. Within that, digital art could become an important destination. NFTs like CryptoPunks are not just assets—they are also tickets to communities that share the same mindset.

On Ethereum as well, Raoul Pal is bullish. The EVM is like Microsoft—something that banks, insurance companies, and large corporations worldwide rely on. Once an enterprise sales model is introduced, it is almost impossible to change. In his view, Goldman Sachs and JP Morgan would not choose Solana; rather, Ethereum is positioned to meet the needs of financial markets.

On AI, he points out that it already surpasses 99% of analysts. Raoul Pal himself uses AI: he built a chatbot trained with his own voice so he can interact with Real Vision users. In the future, the media content each person encounters will become uniquely personal.

From a macroeconomic perspective, liquidity moves everything. The Federal Reserve’s net liquidity explains the movements of Bitcoin (90% correlation) and Nasdaq (97% correlation) with astonishing force. If you combine the global implicit inflation tax of 8% with the explicit inflation of 3%, then to prevent asset value erosion, you need an annual return of 11%. This is why young people are gathering around cryptocurrency.

Population aging and slowing economic growth are also important factors. To maintain GDP growth, further debt support is necessary. Since 2008, the world has kept the economy going by taking on new debt to repay old debt. This structural problem is accelerating the inflow of funds into crypto assets.

For market cycles, Raoul Pal is paying attention to the ISM Manufacturing Index. If this index rises above 50, it indicates an economic recovery and could lead to higher Bitcoin prices. If it reaches 57, Bitcoin could potentially reach $450k.

What investors should focus on are projects with growing user numbers and valuable applications. Bitcoin’s value increases through a large number of users and participation from sovereign nation-state entities, while Ethereum has a massive user base and a wealth of applications. When Solana was at the bottom of the cycle, the developer community kept growing, and the emergence of Bonk further boosted market confidence. Similarly, for Sui, you can expect the expansion of its user base and the development of its ecosystem.

In the end, Raoul Pal’s message remains consistent. Market attention is fragmented, and many stories are short-lived. What matters is that continuing to hold Bitcoin is always a wise choice, and buying promising projects like Solana and Sui at the bottom of the cycle is strategic. Above all, having a long-term perspective, understanding macroeconomic trends, and acting rationally are essential. The cryptocurrency market keeps sucking in capital like a “super black hole,” and to ride that wave, a cool head and a long-term strategy are indispensable.